PM says EU approved Greek budget without pension cuts

The European Union’s executive has approved Greece’s first post-bailout budget without requiring the implementation of legislated pension cuts, the country’s prime minister said on Saturday.

“The European Commission approved the Greek budget without pension cuts after eight years of austerity,” Alexis Tsipras said, calling the development a “success”.

The country’s third international bailout program ended in Augusts. The government aims to outperform on primary surplus targets for a fifth straight year to be in a position to avoid implementing painful austerity measures agreed with creditors. [Reuters]